Investors plunge $2.5m into motel
A LABRADOR motel has sold to Gold Coast investors for $2.5 million in another sign of strong demand for accommodation businesses in the leadup to the Commonwealth Games.
Limassol Motel at 109 Frank St was offloaded by Keith and Beverley Miller for $2.5 million.
The deal is due to settle next week.
Mr and Mrs Miller bought the motel, which has 14 rooms and a three-bedroom manager’s residence, for $1.665 million in December, 2014.
The sale represents a gain of $835,000 in just under three years.
Marketing agent Amir Mian, of Prestige Property Agents, said the property attracted strong interest from investors. He said the buyers intend to take over as owneroccupiers in the future.
“There is strong demand for motels because there is a limited number on the market,” he said. “We have the Commonwealth Games coming up and this motel is in a prime location.”
Camelot Motel and Surf St Motel in Mermaid Beach, sold earlier this year for $2 million and $1.85 million respectively.